India’s largest airline is in the middle of its worst operational meltdown in two decades—and the impact is no longer limited to stranded passengers. IndiGo’s parent, InterGlobe Aviation, has lost nearly ₹25,000 crore in market value in just six trading sessions as mass cancellations, crew shortages and regulatory pressures trigger panic on Dalal Street.
Stock Slide Mirrors IndiGo’s Operational Collapse
InterGlobe Aviation shares have been falling relentlessly for six straight sessions, plunging 10.6%with the stock trading at ₹5,276.5 on Friday—down nearly 3% intraday.
More than 2.9 lakh retail shareholders have taken a direct hit as market confidence erodes.
The airline’s once-unshakeable reliability—built over 20 years—has been replaced by images of chaos at airports, missed connections and crowded help counters.
Before the crisis, IndiGo operated 2,200 flights a daycarrying 3.8 lakh passengers and commanding a 65% domestic market share. Today, it is cancelling hundreds of flights daily.
A Network in Freefall
The meltdown intensified on December 5, when IndiGo cancelled all flights out of Delhi’s IGI Airport till midnight due to inadequate pilot rosters under the new FDTL (Flight Duty Time Limitation) norms.
Other metros were no better:
- Bengaluru: 102 flights cancelled
- Multiple airports: Mass delays and passenger stranding
- Nationwide: Over 1,000 cancellations in three days
The airline estimates around 500 cancellations on December 2–3 alonea staggering figure for an airline that flies three out of every five flights in India.
IndiGo Blames FDTL Norms; Government Calls for Accountability
IndiGo has told the DGCA it needs time till February 10, 2026 to fully restore operations and has sought relief from night-duty restrictions for pilots.
In a public apology, IndiGo said it is working with the aviation ministry, DGCA, BCAS, AAI and airports to stabilise operations.
But regulators aren’t letting the airline off easily. The government has constituted a four-member DGCA inquiry panel to examine:
- Why IndiGo failed to prepare for revised duty rules
- Whether rostering mismanagement triggered the crisis
- Accountability of the airline’s senior leadership
For India’s aviation sector, this raises uncomfortable questions:
How can the country’s largest airline collapse overnight despite years of preparation time?
Passengers and Investors Pay the Price
The cascading crisis has stranded lakhs of fliers, triggered nationwide delays and shaken investor confidence. Meanwhile, rival SpiceJet’s stock has risen—highlighting IndiGo’s isolated damage.
With holiday travel, winter fog and peak season ahead, IndiGo’s ability to recover quickly will determine whether this remains a temporary shock—or becomes a structural dent in India’s aviation leader.
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